Deutsche Bank Unit Pays Up for Piece of Florida Mall

Bank Paid $375 Million for Half of St. Johns Town Center

The real-estate asset-management arm of Deutsche Bank AG has purchased a 50% stake in a Florida mall at one of the highest prices paid for a mall since the downturn.

Deutsche Asset & Wealth Management paid $375 million for half of St. Johns Town Center, a large open-air shopping mall in Jacksonville whose tenants include Louis Vuitton, The Gap and an Apple Store. The deal values the 621,000 square-foot mall at $750 million, not...